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The compound interest formula that gives the balance in an account with a principal of $1200 that earns interest at the rate of 4.5%

The compound interest formula that gives the balance in an account with a principal of $1200 that earns interest at the rate of 4.5% compounded monthly is 12t Compare this formula to the A=1200- 0.045 12 exponential equation A = 1200-b. a. What takes the place of b in the compound interest formula? b. What is the value of the growth factor b? c. What is the effective rate? BELKAR a. What takes the place of b in the compound interest formula? (Do not simplify.) b=

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